The Philadelphia Eagles are keeping Michael Vick for the first season under new head coach Chip Kelly. ESPN's reports Vick has a new one-year deal after agreeing on a restructured contract to keep him from becoming a free agent.

Vick can earn up to $10 million in 2013, according to multiple reports. That's a significant drop from the $15.5 million he was set to make. He already was guaranteed $3 million when he remained on the Eagles' roster after the league's waiver wire period began last week.

"I am grateful and proud to be a Philadelphia Eagle," Vick wrote on Twitter. "My heart is in Philly and this community is important to me."

Vick had agreed to a six-year, $100 million deal with the Eagles in 2011, and the original terms had locked him up through 2016. Now Vick, who turns 33 in June, is stuck with another short-term chance to prove himself in Philadelphia.

The Eagles will now need to decide which quarterback can best execute Kelly's up-tempo offense, Vick or promising second-year man Nick Foles.

"What I look at is skillset first and foremost," Kelly said. "What he can do, how he can throw the football, how he can beat people with his feet. There are a lot of different factors he has. And you have to look at the landscape for other quarterbacks. I guess the best way I can put this is I agree there is a change of scenery going on here. For Michael Vick, there is a change of scenery, but not a change of address."

Vick finished the year with 2,362 yards passing, 12 touchdowns and 10 interceptions, and also lost five fumbles.

There's also a chance the team could target another quarterback in the free agency or the draft (fourth overall) to make the competition more wide open.